On October 25, 2023 New York State Comptroller Thomas P. DiNapoli announced the following local government and school audits were issued.
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Marathon Joint Fire District – Investment Program (Cortland County)
District officials did not develop and manage a comprehensive investment program. The board did not develop and adopt a comprehensive written investment policy as required by state law until the end of the audit period. The district earned interest totaling approximately $2,000 from its checking and savings accounts, which had an average daily balance of approximately $567,000 during the audit period. However, the district could have earned approximately $12,600 more had officials used other available investment options. Officials did not consider other legally permissible investment options or formally solicit interest rate quotes that may have resulted in higher investment earnings. As a result of the audit, the board subsequently approved an investment policy in March 2023 and invested $653,000.
Depew Union Free School District – Investment Program (Erie County)
District officials did not develop and manage a comprehensive investment program. The business administrator and district officials did not invest available funds in financial institutions that offered competitive interest rates, prepare monthly cash flow forecasts to estimate funds available to invest or solicit interest rate quotes. Over a 16-month period, officials missed an opportunity for the district to realize approximately $487,000 in additional investment earnings. Had the district realized such earnings, the board may have been able to avoid increasing the 2023-24 tax levy.
Lake Placid Central School District – Investment Program (Essex County)
District officials did not develop and manage a comprehensive investment program. The assistant superintendent for business, finance and support services and district officials did not solicit interest rate quotes or prepare monthly cash flow forecasts to estimate funds available to invest or consider other legally authorized investment options when investing available funds. Had officials done so the district might have earned approximately $267,000 more in investment earnings than the $189,305 earned during the audit period.
Lake Placid Central School District – Transportation State Aid (Essex County)
District officials did not apply for all applicable transportation state aid for new bus acquisitions. As a result, the district’s taxpayers will not benefit from the $18,842 in aid the district would have received upon State Education Department (SED) approval. In addition, if officials do not properly file the aid applications with SED, taxpayers will also not benefit from the remaining $45,034 officials can claim.
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